Calif. AG Seeks To Force Moody's To Answer Subpoena

Law360, New York (April 19, 2010, 2:43 PM EDT) -- California Attorney General Jerry Brown said Monday that his office filed a petition seeking to force financial products rating company Moody's Investors Service Inc. to "explain why it gave its highest ratings to 'risky and toxic'" mortgage-backed securities that cost investors and taxpayers billions.

Brown's petition, in the Los Angeles County Superior Court, says Moody's has refused to comply with the state's subpoena for seven months. It seeks a court order forcing Moody's to answer a slew of questions.

"The need for court action to enforce...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.